SINGAPORE (Reuters) – Oil prices edged higher on Tuesday on expectations OPEC and its allies will extend oil production cuts for at least three months, while sentiment was bolstered by news of another promising coronavirus vaccine.
Brent crude futures for January
rose 16 cents, or 0.4%, to $43.98 a barrel by 0104 GMT and U.S. West Texas Intermediate crude for December
added 13 cents, or 0.3%, to $41.47 a barrel.
Equity markets rose on hopes of a quicker economic recovery after Moderna Inc
said its experimental COVID-19 vaccine was 94.5% effective in preventing infection based on interim late-state data. [nL1N2I2385] [nL1N2I20XR]
This comes after Pfizer Inc
“If we judge economic recovery, particularly through the lens of oil markets… with multiple high efficacy vaccines in the pipeline, there is good chance mobility will return close to pre-pandemic levels later in